Do you think you are the only Real Estate buyer in Miami? Think again.
I remember many things in the peak of the Miami Real Estate market? I remember when the media would report and encourage buyers to buy and investors to invest. Real Estate Reality shows such as Flip this house, Designed to sale, and Location Location Location where many of the few Reality shows broadcasted in the peak of the Miami Real Estate market. Many home sellers sold their home on their own and saved themselves Real Estate commission. Americans experience job growth and unemployed rate where in all time lows. The average day on the market for a single family home was 15 to 25 days depending on the price. I also remember prices and appraisals going up 20% every month and home sellers enjoying every minute of the market. Many real estate agents would say those were the good old days. I would agree today’s real estate market is very different. We are now in a buyer’s market, property value has declined, real estate reality shows are not being watched, and foreclosures are in an all time highs.
If you are a Home buyer that wants to take advantage of home prices or invest this is your market. But if you think you are the only buyer looking to buy, if you think you are the only apple in the tree, the only survivor left think again. Read this article.
Ask yourself if we are in such a bad market why are you having a hard time getting an offer accepted. Why theirs 3 to 4 offers in the same home in a matter of days. Why is it that your offer is never accepted unless it’s for full asking price or close to it?
Many Miami Real Estate Home buyers now are having a hard time getting their offers accepted for two reasons.
- 1. Reason they offer 20% less than the asking price. We know we are in a buyer’s market and most of the foreclosures available today are priced below market.
- 2. The financing of the home is one of the major reasons why lenders are not accepting your offer. If the lender has two offers one is cash with no financing contingencies and the other is 90% financing they would probably accept the all cash deal.
One Comment
Thank you for pointing out some very important information to the community of real estate buyers and sellers. These are very important things to pay attention to and the more consumers pay attention to these things, the better off they will be. I especially agree with you on the relative merits of REOs versus short sales, despite what some “gurus” say to the contrary. Keep up the good work!
Daniel Berman, Managing BrokerPacific Century Realtywww.SiliconValleyDiscountRealtors.com